Wells Fargo Reiterates Buy Rating on Caterpillar Inc.
Wells Fargo maintains its buy rating for Caterpillar, setting a $1,155 price target, a 9.27% upside from the current price.
Key Points
- Wells Fargo reiterated its buy rating for Caterpillar Inc. (CAT) and set a price target of $1,155 on June 23, 2026.
- Wells Fargo's $1,155 price target implies 9.27% upside from Caterpillar Inc.'s ($CAT) current $1,057.01 share price.
- Caterpillar shares traded at $1,022.28 on Tuesday, with a market cap of approximately $470.9 billion and a P/E ratio of 50.8.
- Insiders, including James Fish Jr. and David MacLennan, purchased shares on June 10, while analysts like Argus Research and Citigroup also maintain positive ratings.
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Wells Fargo has reiterated its buy rating on Caterpillar Inc. (NYSE: CAT), setting a price target of $1,155. This update from analyst Jerry Revich came on June 23, 2026, reflecting continued confidence in the company's performance.
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Caterpillar Inc. Stock Up 32.1%
Shares of NYSE:CAT traded near $1,022.28 on Tuesday. Caterpillar Inc. boasts a market cap of approximately $470.9 billion and has a P/E ratio of 50.8, with a forward P/E of 33.9. The stock's 52-week range stretches from $357.73 to $1,023.25, and it has a beta of 1.603, indicating its volatility relative to the market. Its 50-day moving average is $872.94, while the 200-day moving average is $670.35. The company's current ratio stands at 1.35, with a quick ratio of 0.73 and a debt-to-equity ratio of 230.79.
$CAT price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
Caterpillar reported revenues of $70.76 billion, reflecting a growth of 22.2%. The company posted an EPS of $20.11, with a net margin of 13.3% and a return on equity of 51.3%. Investors look forward to the next earnings release on August 4, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
7 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 18.8%. Revenue beat estimates by 3.8%.
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Profit surprise
EBITDA beat by 32 percent. Operating income beat by 34 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 7 target raises.
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Earnings quality
Positive free cash flow.
Earnings Call Summary
Caterpillar had a strong first quarter with revenue of 17.4 billion dollars, up 22 percent from last year, and adjusted earnings per share of 5.54 dollars, beating consensus of 4.55 dollars. Backlog hit a record 63 billion dollars, with particularly strong demand for power generation equipment serving data centers. Management is investing aggressively in capacity expansion because customers are committing to long term orders for backup power, prime power, and gas compression applications across multiple industries.
Guidance Caterpillar raised its 2026 sales outlook to low double digit growth from expectations set in January. The company expects continued growth across all three segments driven by strong backlog and resilient end markets, especially in power generation for data centers. Management plans to expand large reciprocating engine capacity to nearly 3 times 2024 levels by 2030.
Clearly positive report. Results were better than expected, though the forward reset is not the strongest.
Insider Buying and Selling at Caterpillar Inc.
Several insiders, including James Fish Jr., David MacLennan, and others, bought 211 shares each on June 10, 2026. These transactions were not part of any pre-planned trading program.
Analysts Set New Price Targets
On June 23, 2026, Wells Fargo maintained its buy rating for Caterpillar with a target price of $1,155. Previously, Argus Research and Citigroup also maintained their buy ratings, with target prices of $990 and $1,020, respectively. The analyst consensus remains a buy, with a mean target price of $945.64 among 26 analysts.
About Caterpillar Inc.
Caterpillar Inc., headquartered in Irving, Texas, is a leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company's products are used in various industries, including construction, mining, energy, and transportation. Led by CEO Christine M. Pambianchi, Caterpillar employs around 118,000 people worldwide.
Bottom Line
Wells Fargo's reiterated buy rating and new price target for Caterpillar Inc. underscore continued confidence in the company's market position and growth prospects. Investors track such updates closely, as they provide insights into the firm's future potential. Remember, 13F filings and analyst ratings reflect past actions and opinions, not current positions or future recommendations.
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